Procurement Technology Blog Posts

Procurement technology has revolutionized the way organizations manage costs. By automating the procurement process, companies can save time and money on administrative tasks such as issuing requests for proposals (RFPs), reviewing bids, and negotiating contracts.

Technology also enables businesses to more efficiently compare prices and track spending. This helps organizations stay within their budget and make more informed purchasing decisions.

In addition, procurement technology can improve communication between buyers and suppliers. This open and transparent dialogue can help build better relationships and encourage collaboration.

Overall, procurement technology provides a number of advantages that can help organizations manage their costs more effectively. By automating the process, businesses can save time and money on administrative tasks. Through improved communication, businesses can foster better relationships with their suppliers. All of these advantages can help organizations become more cost-effective and efficient in their purchasing decisions.

Top five futures of procurement technology advancements

1. Artificial Intelligence (AI) and Machine Learning:

The use of AI and machine learning in procurement will enable organizations to make better decisions by understanding the data collected throughout the procurement process. This technology can help identify patterns and trends, which can then be used to improve negotiations, supplier management, and contract management.

2. The Blockchain:

The blockchain is a distributed database that allows for secure, transparent, and tamper-proof transactions. This could be used in procurement to create an immutable ledger of all transactions. This would help improve transparency and trust between buyers and suppliers.

3. Augmented Reality (AR) and Virtual Reality (VR):

AR and VR technology can be used in procurement to provide visual representations of products and services. This would help buyers make more informed decisions and improve the negotiation process.

4. The Internet of Things (IoT):

The IoT is a network of connected devices that collect and share data. This data can be used in procurement to tracking supplier performance, identify irregularities, and improve supply chain transparency.

5. Robotics:

Robotics can be used in procurement to automate tasks such as bid analysis and contract management. This would help speed up the procurement process and reduce the need for human intervention.

Useful Procurement Technology Posts:

September 27, 2022
ESG Sustainable Procurement
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Why Procurement must take the lead in Accelerating ESG Adoption in 2023

Procurement experts dived into a conversation revolving around the new rules about how Procurement teams should be the first ones to initiate adopting ESG policies.…
September 27, 2022
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Next-Gen Procurement: Changing priorities, time for CPOs to evolve to Chief Cognitive Procurement Officers

The procurement landscape is evolving, and so must the role of the CPO. Learn about the next-gen procurement agenda and what you can do to stay ahead of the curve.…
September 20, 2022
Category Management
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The Future Of Category Management Is Here!

Category management, a strategic approach to procurement, is becoming data-driven with managers adopting collaborative approaches.…
September 15, 2022
Challenging the Status Quo
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Challenging the Status Quo: Driving Value with Next-Gen Procurement

In this webinar, we brought together thought leaders from procurement and finance to discuss how next-gen procurement can drive value in your organization.…
September 15, 2022
Next Gen Procurement
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Top 5 Critical Skills Next-Gen Procurement Leaders Must Develop Now

In this blog post, we list the top 5 critical skills next-gen procurement leaders must develop now. These skills will help you succeed in the current business landscape.…
August 18, 2022
Event
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A 10 minute tour of Germany’s biggest Supply Chain trade shows in 2022

A post event recap of two of the biggest trade shows in Supply Chain domain of DACH region - BME eLOSUNGSTAGE 2022 and Procurement Summit 2022.…
May 31, 2022
Procurement Technology
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4 Challenges for Procurement in Launching New Products

This digital transformation case study details how a company can overcome 4 common challenges that procurement officers face when launching new products.…
May 24, 2022
12

Experience the Game Changing Cognitive Procurement: Join Us at Procurement Summit 2022, Hamburg

We are bringing the best mix of cognitive procurement, analytics and AI to your desk. Learn how you can leverage on our extensive experience in digital transformation with a focus on procurement. Register Today!…
May 4, 2022
12

Elevate your Procurement and Supply Chain Game: Join us at ISM World 2022

How to make procurement easier with contract automation, supply chain management best practices, & other procurement solutions. Click to learn more!…
March 4, 2022
5 Clichés About Payment Automation Software You Should Avoid
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5 Clichés About Payment Automation Software You Should Avoid

Five cliches about automated AP that you should avoid for successful AP Automation with minimal implementation time-cycle. Click to learn more!…